[quote=markmax33]
SK,
An audit implies that you look at everything that institution does not just 10% or 20% of it. The independent audits do not report on any more information than the GAO audits. Show me the exempted areas in the audit and the other 80-90% the fed does and prove me wrong. That’s why I called it a fake audit. It is a trick to make the general public believe they are being audited and it has been surprisingly effective for many years.

[/quote]

I’ll go through this with you one more time Mark. An audit tests compliance. That’s all it does. It tests whether established processes and protocols have been followed. There is no such thing as a “complete audit”. An audit has a specific scope. It does not verify every event or transaction. It tests, using statistical sampling within an acceptable margin of error. What it does not do, is look at everything a entity does. Nor does it guarantee compliance, only reports on the level of compliance. It does not fix problems, only identifies areas that need fixing. And I’ll repeat one more time, there is no such thing as a “complete audit”.

The reports I linked to included financial audits, and the reports outline the scope of those audits.

I don’t want to pull rank on you, but this is something I happen to know about. Back in the old days, at the beginning of the 20th century, all CPA’s learned how to do audits. It was required in order to get certified. It was the first thing I did. I hated it, but I learned how to do it. I managed audits. My firm did 20-30 audits every year. (almost never profitable, btw) I did financial audits. Inventory audits. Medical records compliance audits. Time card audits. Techonology audits. None of them are “complete audits”.